GBP/USD makes another step towards the 2013 low

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The pound is still performing very well on a trade-weighted basis and pound-dollar is no longer being dragged lower by the relentless fall of euro-dollar."
- Nomura International Plc (based on Bloomberg)

Pair's Outlook

The Euro keeps dragging the Sterling lower, which has fallen through the weekly S1 and to the S2 level. Now there is a good chance for a bullish correction, though it is likely to be capped at 1.5050. Next week the Cable is expected to resume the sell-off, with the medium-term target at 1.48, but the support at 1.4900/1.4850 may delay the arrival of the pair at the 2013 low. The technical indicators are largely mixed at the moment.

Traders' Sentiment

The ratio between the bulls (57%) and bears (43%) stayed the same, despite a precipitous decline. On the other hand, the percentage of traders planning to sell the British Pound substantially increased, namely from 56 to 81%.

© Dukascopy Bank SA

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